Prime Burke Road property sells for $4m
A historic property at 628 Burke Road, the long-term home of Camberwell Centre Newsagency, has sold for $4.28 million. The property on a prime section of Burke Road delivered a headline result for its owners of more than 50 years, Fitzroys’ Chris James and David Bourke said. The sale price reflected a high land rate of more than $15,000 per sq m. The buyer will redevelop and reposition the asset, they said.
628 Burke Road is the long-term home of Camberwell Newsagency.
Aggressive bidding from owner occupiers and investors saw a 192 sq m shop at 429-431 Brunswick Street sell for $2.72 million with vacant possession. “What was particularly interesting and a great sign for Brunswick Street was the ilk of owner occupier groups in attendance, including the eventual purchaser, a prominent Melbourne hospitality operator,” CBRE’s Nic Hage said.
Gorman Commercial’s Jonathon McCormack and Stephen Gorman brokered an off market sale at 16-18 Hall Street. After multiple offers, the property sold for $5.85 million. High-profile car dealer Nick Politis recently bought a site next door.
A 1433 sq m beach front land holding with direct beach access at 846-848 Point Nepean Road has sold for $2.21 million. CVA’s Daniel Philip and John Nockles said the foreshore site had approved plans and permits for an eight-apartment development.
Owned by Nasdaq-listed corporate LeMaitre Vascular, a site next to the new Metro Train Station being built in Laurens Street has sold for $2,701,000. The sale of the two-level freehold building at 36-40 Munster Terrace was negotiated by CBRE’s David Minty, Dylan Kilner and Julian White. It follows deals for the Code Black coffee house at 119 Howard Street for $2,655,000, 436 Victoria Street for $1.8 million and 13-15 Cobden Street for $2.05 million.
A private investor has paid $1.33 million for a pair of office/warehouses at 12 Makland Drive on a tight yield of 5.9 per cent. Located in the Paramount Industrial Estate, the units have a combined area of 949 sq m and are leased at a total net annual rental of $78,400. Knight Frank’s Andrew Gallucci and Michael Satterley brokered the deal.
Classic brick warehouses with offices are still popular with investors and owner occupiers. The private sale of 3 Shearson Crescent attracted 33 inquiries over 4 weeks before selling for $1.1 million, David Garfield and Julian Vautin from Nichols Crowder said.
3 Shearson Crescent attracted 33 inquiries.
Solicitor Paul Webster has leased an 86 sq m space within the Chicagoesque Bennelong House at 9 Queen Street through Fitzroys’ Samuel Friend and Stephen Land. The one-year deal with four further one-year terms was struck at $35,000 per annum plus outgoings and GST on behalf of building owner Bennelong Foundation. Mr Friend said the property has high ceilings and period features.
Female fashion brand Digbys has leased 570 Malvern Road. The retailer, which has been trading for at least 40 years, took the 90 sq m space for $85,000 a year. Hawksburn Village continues to outperform, Morley Commercial’s Tom Larwill said.
After just three weeks on market, Gorman Commercial’s David Minton has leased shop 1B at 7 Yarra Street. The former Japanese restaurant was taken over by an experienced Thai restaurant operator at a rent of $52,000 per annum on a five-year term.
RIS Safety is relocating from Melbourne’s western industrial precinct to an 813 sq m facility in Rowville. Colliers International’s Harry Larwill and Richard Wilkinson negotiated the new lease at 26 Kingsley Close after receiving an influx of interest from prospective tenants, resulting in 10 offers. RIS took a three and half year lease at $107 a sq m.
After just one day on the market, a 514 sq m industrial space at 19 Harker Street has leased to Crown Calisthenics. Colliers International’s Harry Larwill said Crown were in the market for a few years. The group took a 10-year lease at gross rent of $110 per sq m.
An office space at 4/321 Camberwell Road has leased to New Era Technology for $45,000 per annum representing a rate of $300 per sq m. “Well presented or refurbished city fringe office space is highly sought-after by tenants,” Gorman Commercial’s Tom Maule and Richard Height said. In another deal, developer Miura Group has secured a new 130 sq m office which will become their new headquarters at 548 Burwood Road, Hawthorn. Rent was struck at $45,000 a year.
New Zealand architectural hardware company Halliday + Baillie will sell sliding and pocket door products out of 440 High Street after signing a lease over the 130 sq m store. Tom Larwill from Morley Commercial negotiated the lease at $53,000 a year, which equates to about $407 per sq m.
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